Snap is planning two new versions of its failed Spectacles: Report

Snap may have taken a major write-down on its failed first-generation Spectacles smart glasses, but that hasn’t deterred the company from working on the second and third-generation of Spectacles.

According to a report in Cheddar, Snap is planning to launch the second-gen Spectacles by the third-quarter of this year. Although the Spectacles version 2.0 will include just one camera like its predecessor, the company is said to be developing a two-camera version, which may be released in 2019.

The website writes that the Spectacles v2.0 is being manufactured right now. It will be water-resistant and offered in new colour options. It is expected to be an iterative upgrade, and not a dramatic one, which is surprising given the failure of the original Spectacles.

According to an October report by The Information, Snapchat had hundreds of thousands of unsold Spectacles lying in its warehouses. The company overestimated the demand in a big way.

To remind you, Spectacles originally went on sale in November 2016, and were initially offered at limited number of places, including random pop-up stores. By the time, they were released online for everyone, the consumer interest had waned. Snap last year revealed that it had lost nearly $40 million due to unsold inventory.

If Cheddar report is accurate, the third-generation of the Spectacles sounds more exciting. Apart from the two cameras, the third-gen Spectacles may include AR capabilities and offer an immersive 3D-like video.

The company has prototyped a design with aluminum frame and circular lenses. It has also considered including GPS support. If Snap indeed ends-up including all these features, the third-gen model will retail around $300, a sharp increase from the $130 price-tag of the first-gen model.